UK house prices fall at steepest rate in over three years
Average property price drops to £296,285 in October as elevated mortgage rates weigh on the housing market.
At a glance
- Average UK house price fell to £296,285 in October
- Monthly decline of 0.6% is steepest in over three years
- Fourth consecutive month of price falls recorded
- High mortgage rates cited as factor in market weakness
UK house prices declined by 0.6% in October, marking the steepest monthly fall in more than three years, according to data from lender Lloyds. The average price of a typical property fell to £296,285, with the drop representing the fourth consecutive monthly decline.
High mortgage rates have been cited as a factor affecting the housing market. The October decline was the largest since August 2023, when prices fell by 1.6%.
Why it matters
Sustained monthly declines in house prices indicate ongoing pressure on the UK housing market from elevated borrowing costs, affecting both buyers and the broader economy.
Original reporting
- The Guardian — WorldUK house prices fall at steepest rate in more than three years
- The Guardian — BusinessUK house prices fall at steepest rate in more than three years
This brief was written with AI assistance from the reports listed above and checked against our editorial policy. Spotted an error? Request a correction.
